TLDR
- Magic Eden has acquired trading app Slingshot to expand beyond NFTs to multi-chain token trading
- The acquisition eliminates barriers like wallet setup, bridging assets, and managing gas fees
- Slingshot’s technology enables trading across 10+ blockchains from a single USDC balance
- Magic Eden plans to integrate more fiat-to-crypto options through Apple Pay and Venmo
- This move positions Magic Eden to compete with centralized exchanges in a $2.5 trillion market
NFT marketplace Magic Eden has acquired trading app Slingshot in a move to diversify beyond non-fungible tokens and establish itself as a comprehensive crypto trading platform.
The acquisition, announced on April 9, 2025, will allow users to trade tokens across multiple blockchains without the typical hurdles of wallet setup and asset bridging.
Magic Eden, which generated $75 million in NFT marketplace revenue in 2024, is looking to broaden its reach as the NFT market shows signs of contraction. According to DappRadar, NFT trading volumes fell by 19% in 2024 despite a broader crypto bull run.
“This acquisition is a major step forward in advancing the Magic Eden vision, which is to provide users worldwide with a seamless and safe way to buy and sell crypto and digital assets across all chains,”
said Jack Lu, CEO and Co-Founder of Magic Eden in a blog post.
Streamlining Cross-Chain Trading
Slingshot’s technology allows users to trade from a single universal USDC balance. This removes common barriers to crypto trading such as complicated wallet setup, bridging assets between chains, and managing different gas fees.
The app has attracted nearly 1 million users with its mobile-first interface. It currently supports trading across more than 10 blockchain networks with instant token listings.
Magic Eden plans to leverage Slingshot’s technology to offer access to over 5 million tokens. The platform will soon support Bitcoin-native tokens as well, expanding its reach to the original cryptocurrency network.
“Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling capabilities accelerates our ability to have an impact on the future of crypto,” Lu stated.
Enhanced User Experience
The combined platform aims to simplify the crypto trading experience for both newcomers and experienced users. Slingshot allows signups with just an email address, making it more accessible to crypto beginners.
Magic Eden plans to integrate more fiat-to-crypto options through platforms like Apple Pay, Venmo, PayPal, and credit or debit cards. This will make it easier for users to enter the crypto market without navigating complex onramps.
The company also intends to introduce AI-assisted tools. These will help users with token discovery and trading decisions, further streamlining the experience.
Competing in a Changing Market
This acquisition comes at a critical time for Magic Eden. While the company has seen success in the NFT space, the broader NFT market is showing signs of slowdown. Recently, NFT marketplace X2Y2 announced it was closing due to declining trading volume.
By expanding into multi-chain token trading, Magic Eden is positioning itself to compete with centralized exchanges in the $2.5 trillion crypto market. Lu has stated that incorporating Slingshot’s abstraction technology will help the company effectively challenge these established players.
The crypto industry continues to shift toward decentralized infrastructure. This trend is driven by growing concerns over transparency, security, and user control in centralized platforms.
While centralized exchanges have dominated crypto trading, critics argue they contradict the core principles of decentralization. They can also create single points of failure, as seen in previous exchange collapses.
Slingshot has gained recent popularity as one of the few platforms listing every token across multiple chains in real-time. Its approach aligns with the growing demand for decentralized alternatives that don’t sacrifice convenience or speed.
The integration of Slingshot’s capabilities into Magic Eden’s platform represents a growing push within the industry. More companies are working to provide alternatives to centralized giants by giving users greater control over their assets.
Through this acquisition, Magic Eden aims to become “the most extensive and all-encompassing trading platform in crypto,” according to their press release.
